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en-USHere's How Often Your Credit Score Gets Calculatedhttp://www.wisebread.com/heres-how-often-your-credit-score-gets-calculated
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<p>Achieving and <a href="http://www.wisebread.com/what-is-a-good-credit-score-range?ref=internal" target="_blank">maintaining an excellent credit score</a> may help you qualify for the best interest rates when you borrow money, potentially saving you thousands of dollars over the life of your loans. That's why it's especially important to check your credit when you begin to consider borrowing for a large purchase such as a home or car.</p>
<p>It helps to first understand how your credit score is calculated, what you can do to change it, and how long those changes take to impact your score.</p>
<h2>Factors determining credit scores</h2>
<p>Credit scores derive from credit reports, which consist of information about your credit history and activity with various lenders and creditors. Credit reports are maintained by the major credit reporting agencies, Equifax, Experian, and TransUnion.</p>
<p>FICO is the credit score provider most commonly used by lenders The <a href="http://www.wisebread.com/the-5-things-with-the-biggest-impact-on-your-credit-score?ref=internal" target="_blank">five factors that go into your FICO score</a>, broken down by how much they contribute to your score, are:</p>
<ul>
<li>Payment history (35 percent): How timely have you been with payments on credit card balances, student loans, mortgages, etc.?<br />
&nbsp;</li>
<li>Amount you owe (30 percent): What are your credit balances and credit <a href="http://www.wisebread.com/this-one-ratio-is-the-key-to-a-good-credit-score?ref=internal" target="_blank">utilization ratio</a> (your current balances compared to your credit limits)?<br />
&nbsp;</li>
<li>Credit history length (15 percent): How many months or years have you had credit and maintained relationships with creditors?<br />
&nbsp;</li>
<li>New credit (10 percent): How many new credit cards, loans, and credit-related accounts do you have? Too much new credit could make you appear desperate to lenders.<br />
&nbsp;</li>
<li>Types of accounts or credit mix (10 percent): how many different types of accounts do you have (mortgage debt, car loans, credit cards, etc.)? The more types you have, the better it is for your score.</li>
</ul>
<p>Making timely payments, judiciously using available credit, maintaining long-standing account relationships, avoiding new credit, and holding diverse types of credit may influence your credit score positively.</p>
<h2>How frequently credit scores get calculated</h2>
<p>If you're working to improve your credit score, you may wonder how frequently your score is calculated and adjusted. Theoretically, knowing this frequency could enable you to monitor your credit score's movement, up or down, in response to your actions.</p>
<p>According to Experian's Director of Public Education Rod Griffin, credit scores aren't ever truly adjusted. Instead, each and every credit score that's calculated is unique. It's a snapshot reflecting your creditworthiness at a particular moment in time. Your score is based on your credit report when a score is requested and the proprietary formulas created by lenders or credit score providers, such as FICO and VantageScore. In addition, these providers each have different scoring models for different lending purposes. (See also: <a href="http://www.wisebread.com/fico-vs-fakes-are-you-getting-the-wrong-credit-score?ref=seealso" target="_blank">What Do All the Different Credit Scores Mean?</a>)</p>
<p>For example, if you're getting ready to borrow money to purchase a new home, your mortgage lender may use a FICO score that's indicative of your credit risk for mortgage borrowing.</p>
<p>A few days later, you might decide to apply for a credit card. The card issuer may use a bank card scoring model in calculating this credit score. The number may be different from the mortgage-based score because it's based on a different formula and possibly new information on your credit report.</p>
<p>Generally, your credit report is updated whenever new information becomes available, for example, when creditors report payments at the end of their billing cycles.</p>
<p>Despite varying formulas and purposes, your credit scores tend to be similar, Griffin says. That's because scores are based on your credit reports, and the information contained in these reports tends to be consistent among reporting agencies.</p>
<h2>Credit steps to take before a mortgage or car loan application</h2>
<p>Griffin says reviewing your credit reports should be part of your financial routine. He emphasizes the value of keeping reports positive, not simply trying to fix your numbers: &quot;Taking care of your credit reports means taking care of your credit scores.&quot;</p>
<p>But if checking your credit reports hasn't been on your to-do list, start paying attention to your information as soon as you think about borrowing for a major purchase and at least three to six months before applying for a loan. This time frame may allow you time to dispute any errors and make moves that could enhance your creditworthiness.</p>
<p>Here are steps to consider taking.</p>
<h3>1. Review credit reports for accuracy</h3>
<p>Access your credit reports from the three major credit reporting agencies through<a href="https://www.annualcreditreport.com/index.action" target="_blank"> AnnualCreditReport.com</a>. Federal law mandates that you can get one free credit report per year from each agency.</p>
<p>Review reports to make sure the information is accurate and up-to-date. For example, check home addresses and employer names. Notice whether outdated information lingers.</p>
<p>If something's not right, you can <a href="http://www.wisebread.com/should-you-always-dispute-mistakes-on-your-credit-report?ref=internal" target="_blank">dispute errors on your credit report</a>. Contact the credit reporting agency and information source (such as a former creditor) to describe errors and request corrections. The Federal Trade Commission (FTC) provides useful sample dispute letters for<a href="https://www.consumer.ftc.gov/articles/0384-sample-letter-disputing-errors-your-credit-report" target="_blank"> credit reporting agencies</a> and<a href="https://www.consumer.ftc.gov/articles/0485-sample-letter-disputing-errors-your-credit-report-information-providers" target="_blank"> information providers</a> that can help you get an idea of what to write.</p>
<p>You may be able to use dispute resolution processes offered by credit reporting agencies. For example, <a href="http://www.experian.com/blogs/ask-experian/credit-education/faqs/how-to-dispute-credit-report-information/" target="_blank">Experian's online dispute process</a> allows consumers to file a dispute from its website.</p>
<h3>2. Look at your scores</h3>
<p>Consider requesting a credit score to determine where you stand when trying to use your number to your advantage. A one-time report and score could be helpful to understand your current status and offer a baseline for monitoring changes in the future.</p>
<p>You can get scores using these methods:</p>
<ul>
<li>Purchase a credit score as an add-on when you access one of your free credit reports.<br />
&nbsp;</li>
<li>Buy a one-time report and scores from <a href="http://myfico.7eer.net/c/27771/93942/2185" target="_blank">myFICO</a> or other sources.<br />
&nbsp;</li>
<li>Get a <a href="http://www.wisebread.com/the-5-best-credit-cards-that-offer-free-credit-scores?ref=internal" target="_blank">credit card that offers a free credit score</a> to its cardholders or try free services like <a href="http://www.kqzyfj.com/click-2822544-10817209" target="_blank">Credit Karma</a> and <a href="http://www.jdoqocy.com/click-2822544-12336148" target="_blank">Credit Sesame</a>.<br />
&nbsp;</li>
<li>Purchase credit monitoring services that include credit scores. You can get these from myFICO.com, Equifax, Experian, and TransUnion. (See also: <a href="http://www.wisebread.com/7-apps-that-monitor-your-credit-for-you?ref=seealso" target="_blank">7 Apps That Monitor Your Credit</a>)</li>
</ul>
<h3>3. Monitor your scores</h3>
<p>As you prepare for a major financial event, such as getting a mortgage or refinancing an existing home loan, consider monitoring your credit reports and scores over time to keep on top of any changes that occur.</p>
<p>Credit monitoring is available for a fee from credit reporting agencies and other sources, such as<a href="http://myfico.7eer.net/c/27771/93942/2185" target="_blank"> myFICO</a>. You might also consider tracking your credit scores through free sources. For example, you might just keep note of scores offered by your credit card company every month.</p>
<p>This scrutiny can be helpful but alarming. Griffin tells borrowers not to panic if they see changes from month to month, as credit scores move up and down frequently. He says that generally you don't need to be concerned with volatility as long as the scores trend upward over a longer time frame. (See also: <a href="http://www.wisebread.com/why-you-shouldnt-panic-if-your-credit-score-drops" target="_blank">Why You Shouldn't Panic If Your Credit Score Drops</a>)</p>
<h3>4. Take actions as appropriate</h3>
<p>When you receive your credit score, generally you'll also get a list of factors indicating why your number is less than perfect. These risk factors indicate where to focus your attention. (See also: <a href="http://www.wisebread.com/7-ways-to-increase-your-credit-score-quickly" target="_blank">How to Increase Your Credit Score Quickly</a>)</p>
<p>When personal finance educator Kate Horrell's credit score fell from the 800s to 660s just a few months before a mortgage refinance, she realized that the decline reflected two factors: She had taken on new credit using a 0% APR credit card; and she had increased her credit usage to manage about $100,000 in home renovations.</p>
<p>Still, Horrell was surprised at the impact on her scores, considering her stellar history. She couldn't do anything about the new account but found ways to pay off the card balance quickly. When she applied for the mortgage refinance a few months later, her score had increased to the mid-to-high 700s, enabling her to snag a 3.125 percent rate.</p>
<p>Griffin emphasizes that the risk factors named with your credit score don't always warrant action. In some cases, it's not worth it to address risk factors just to raise your score a few points.</p>
<p>For example, my lack of both credit diversity and recent installment loans dings my score, which is still above 800 and considered &quot;exceptional.&quot; However, I don't plan on taking out a new loan just to try to boost my number.</p>
<p>While you can't predict the precise impact of specific actions, you can learn what moves reflect positively on your credit report. As your credit report is updated (with new and hopefully, improved, information) your credit scores could trend upward, potentially enabling you to take advantage of your numbers for cost savings.</p>
<br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/julie-rains">Julie Rains</a> of <a href="http://www.wisebread.com/heres-how-often-your-credit-score-gets-calculated">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-1">
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<span class="field-content"><a href="http://www.wisebread.com/once-bitten-twice-shy-what-is-credit-security-worth-to-you">Once Bitten Twice Shy: What is Credit Security Worth to You?</a></span>
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</div> </div><br/></br>Personal Financecredit historycredit scorecredit utilization ratiosdebtEquifaxExperianficoTransUnionTue, 16 May 2017 08:30:14 +0000Julie Rains1946266 at http://www.wisebread.comHow to Read a Credit Reporthttp://www.wisebread.com/how-to-read-a-credit-report
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<p>Building and maintaining your credit history takes time and dedication. While there are many things you can do when shooting for that perfect 850 FICO score, checking your free credit report every year from AnnualCreditReport.com is among the best personal finance habits. Once you have a copy of your credit report, let's review step-by-step what to look for.</p>
<h2>1. Check your personal information</h2>
<p>First things first: Make sure that your credit report correctly shows your name, Social Security Number (SSN), phone number, and address. The three credit bureaus (Equifax, Experian, and TransUnion) keep track of all variations of names and SSNs reported as belonging to you.</p>
<p>You can easily rectify a small error, such as a misspelling, absence of a hyphen in a last name, or transposition of a street number by contacting the credit bureau and providing supporting documentation. Keep an eye out for information that you don't recognize at all &mdash; this may be a sign of identity theft. (See also: <a href="http://www.wisebread.com/dont-panic-do-this-if-your-identity-gets-stolen?ref=seealso" target="_blank">Don't Panic: Do This If Your Identity Gets Stolen</a>)</p>
<h2>2. Verify it's really you</h2>
<p>Even after checking that your full name and address are correct, you may recognize some accounts on your report that belong to somebody else in your household. In this case, you may be a victim of a mixed file &mdash; when the credit information of two individuals sharing the same name gets mixed up in a single report.</p>
<p>This can be a potential issue in multigenerational homes with several family members sharing the exact name. For example, John Smith Jr. opens a store card but the credit bureaus list the account on the father's report (John Smith Sr.) instead of the son's. That would be a mixed file.</p>
<h2>3. Watch out for errors in account ownership</h2>
<p>Going back to the example of the father and son, the father may have decided to open the store card in his name, and then add his son as an authorized user, or vice versa. Make sure that reported accounts are only the ones for which <em>you</em> are the owner.</p>
<h2>4. Look out for accounts incorrectly reported as late or delinquent</h2>
<p>Unless you were more than 30 days past due, you shouldn't have a late or delinquent note on any debt. So, report this right away. (See also: <a href="http://www.wisebread.com/how-to-clear-old-debt-from-your-credit-report?ref=seealso" target="_blank">How to Clear Old Debt From Your Credit Report</a>)</p>
<p>If you recently made a payment and your account is now current, keep in mind that there is often a lag when credit bureaus report such incidents. Follow up with the company owning your debt and verify that it has notified the credit bureaus. Keeping your accounts current is critical, because payment history makes up 35 percent of your FICO credit score.</p>
<h2>5. Validate key account dates</h2>
<p>The most important date to verify is the date that an account was opened, because the length of your credit history accounts for 15 percent of your FICO credit score. Other important dates to verify are date of last payment, and date of first delinquency.</p>
<h2>6. Beware accounts listed twice</h2>
<p>It can happen! Possible sources of this error are when you upgrade a credit card with the same company, or refinance a loan with the same financial institution. Another possibility is that somebody opened an account on your behalf without your consent.</p>
<p>You also need to watch out for companies transferring the ownership of a delinquent account over to collections agencies. While you're still responsible for paying back what you owe, you're definitely not liable to receive a double (or triple!) whammy on your credit score for the same mistake.</p>
<h2>7. Double check credit limits and balances</h2>
<p>Double check that your account balances are within a range you recognize, and that your credit card limits are up to date. After all, 30 percent of your FICO score is based on your <a href="http://www.wisebread.com/this-one-ratio-is-the-key-to-a-good-credit-score" target="_blank">credit utilization ratio</a> &mdash; your total credit card balances divided by your total credit card limits. For example, an outstanding balance of $4,000 with total credit limit of $15,000 would put your credit utilization ratio at 26 percent. The more available credit you have, the lower your credit utilization ratio will be. Most experts recommend this ratio should not exceed 30 percent.</p>
<h2>8. Keep an eye on public records</h2>
<p>A bankruptcy isn't the only reason you might end up with a public record on your account. Unpaid driving violations, library fines, or other penalties from money owed to the government will come to haunt you on your credit report. Depending on many factors, public records can stay on your report for up to seven years, even after taking care of them. This means that the best time to take care of them is now. (See also: <a href="http://www.wisebread.com/4-credit-report-mistakes-that-could-be-costing-you-big?Ref=seealso" target="_blank">4 Credit Report Mistakes That Could Be Costing You Big</a>)</p>
<h2>9. Corroborate that corrected information has been posted</h2>
<p>Chances are at some point, you'll eventually have to report an error. When this happens, always follow up to check that the incorrect information has been replaced and corrected.</p>
<h2>What to do if you find an error</h2>
<p>If you find any errors in your credit report, refer to the instructions on your credit report to dispute inaccurate or missing data. Here is a <a href="http://files.consumerfinance.gov/f/documents/092016_cfpb__CreditReportingSampleLetter.pdf" target="_blank">useful template</a> from the Consumer Financial Protection Bureau to initiate disputes with the credit bureaus by mail or fax. Or, you can file a dispute online with <a href="https://www.equifax.com/personal/disputes" target="_blank">Equifax</a>, <a href="http://www.experian.com/disputes/main.html" target="_blank">Experian</a>, or <a href="https://www.transunion.com/credit-disputes/dispute-your-credit" target="_blank">TransUnion</a>.</p>
<br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/damian-davila">Damian Davila</a> of <a href="http://www.wisebread.com/how-to-read-a-credit-report">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-2">
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</div> </div><br/></br>Personal Financecredit bureauscredit reportscredit utilization ratiodisputesEquifaxerrorsExperianficofiling claimshow to readMistakesTransUnionThu, 11 May 2017 08:00:09 +0000Damian Davila1942663 at http://www.wisebread.com7 Apps That Monitor Your Credit for Youhttp://www.wisebread.com/7-apps-that-monitor-your-credit-for-you
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<p>The <a href="http://www.fico.com/en/blogs/risk-compliance/us-credit-quality-continues-climb-will-level/">average FICO credit score</a> of U.S. consumers is 695, according to the latest data from the FICO company. If you think this number is encouraging, you'll also be glad to hear that 54.7% of Americans are able to score at least a 700!</p>
<p>This data proves that it's very possible to improve your credit score. There's no excuse these days for not monitoring your credit. Credit score monitoring? There are apps for that! Let's review some of the best free and easy to use apps available for giving your credit score a boost.</p>
<h2>1. Credit Karma</h2>
<p>Claiming that you can sign up for a new account within two minutes, <a href="http://www.kqzyfj.com/click-2822544-10817209-1462225929000">Credit Karma</a>'s app offers free credit score tracking. Your score and list of reports are updated weekly. Credit Karma offers a credit report card, which breaks down every factor contributing to your credit score health, such as open credit utilization rate and average age of open credit lines, and helps you understand how your actions affect your credit score.</p>
<p>Keep in mind that Credit Karma shows you a <a href="https://www.creditkarma.com/credit-scores">Vantage 3.0 credit score</a>, which isn't the same as a <a href="http://www.wisebread.com/fico-vs-fakes-are-you-getting-the-wrong-credit-score">FICO credit score</a>. The app allows you to track your credit score from TransUnion and Equifax (two of three main credit reporting bureaus, the third one is Experian). To learn more details about Credit Karma, take a look at <a href="http://www.wisebread.com/get-free-credit-score-monitoring-with-credit-karma">our review</a>.</p>
<h2>2. Mint: Money Manager, Budget and Personal Finance</h2>
<p>Besides being a <a href="http://www.wisebread.com/6-free-debt-management-tools">free debt management tool</a>, Mint offers a free credit monitoring app that provides an easy-to-understand summary of how you can improve your credit score. The credit score provided under any of these apps is the Equifax Credit Score, which is a proprietary credit model developed by Equifax.</p>
<p>By connecting your bank accounts, credit cards, and investments accounts to your Mint account, you'll have a comprehensive picture of all of your finances, too.</p>
<h2>3. Credit Sesame</h2>
<p><a href="http://www.dpbolvw.net/click-2822544-12336153-1455123184000">Credit Sesame</a>'s app offers you a peek into your Experian National Equivalency Score (ENES). While the FICO credit score ranges from 300 to 850, the ENES ranges from 360 to 840.</p>
<p>By using this alternate credit scoring model, Credit Sesame is able to perform a &quot;soft&quot; pull on your credit history and show you how much you owe, what your current interest rates are, and what your credit score is.</p>
<p>Additionally, Credit Sesame offers you some refinancing options in partnership with Lending Club to pay off higher-interest debt. To help you understand whether or not this would be a good fit for you, Wise Bread took a <a href="http://www.wisebread.com/lower-interest-rates-with-credit-sesame-and-lending-club">closer look at Credit Sesame' services</a> and the steps of the loan process application process through Lending Club.</p>
<h2>4. Credit.com</h2>
<p>Credit.com is another option to access your Experian National Equivalency Score and Vantage 3.0 credit score at no cost. You'll receive a grade, ranging from A+ to F, for each one of the five factors affecting your credit score: payment history, debt usage, credit age, account mix, and number of inquiries.</p>
<p>Through its visual aids and specific action items, this app allow you to spot credit blunders and understand how to fix them.</p>
<h2>5. Experian</h2>
<p>Since so many of these apps use the credit rating model from <a href="http://www.experian.com/consumer-products/credit-monitoring.html">Experian</a>, you may be wondering if you can just go straight to the source. Yes, you can! Through the app you'll monitor changes to your Experian credit profile and have the option to sign up for push notifications directly on your device whenever a change takes place. Your free Experian credit report is updated every 30 days.</p>
<h2>6. TransUnion</h2>
<p>The credit reporting bureau allows you to <a href="https://www.transunion.com/credit-monitoring">check your TransUnion credit report</a> from your smartphone. Similar to the FICO credit score, the <a href="http://www.tkqlhce.com/click-2822544-12771108-1480442728000">TransUnion</a> credit score ranges from 300 to 850. Still, remember that the FICO and TransUnion credit score aren't the same.</p>
<h2>7. CreditWise</h2>
<p>CreditWise offers free credit monitoring services from Capital One. You don't need to be a Capital One customer to sign up for a new account. If you're an existing user of the Capital One CreditTracker service, you can use your existing username and password that you use at the CapitalOne.com site. Every week, this app will provide your TransUnion credit score. A differentiating factor of CreditWise is its credit simulator, which allows you to simulate ways to improve your TransUnion credit score.</p>
<h2>The Bottom Line: Know Your Score!</h2>
<p>FICO maintains a total of 28 different FICO scores, which are widely used by issuers of home, auto, and credit card loans. Remember that each one of these apps offers a free snapshot of a credit score based on a separate model and that snapshot is only for educational purposes. If you want to get the actual FICO credit score, you'll have to pay <a href="http://www.myfico.com/products/credit-score-monitoring-products/">at least $19.95 per month</a>.</p>
<p>While the advice provided by any of these services can be valuable to improve your credit score, your potential lender may be working with a very different score than the one gleaned from an app. If you're working toward meeting the requirements for a mortgage or auto loan, ask your lender what credit score she's using. That way, you'll choose the app that can provide a more accurate estimate.</p>
<br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/damian-davila">Damian Davila</a> of <a href="http://www.wisebread.com/7-apps-that-monitor-your-credit-for-you">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-3">
<div class="view-content">
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<div class="views-field-title">
<span class="field-content"><a href="http://www.wisebread.com/heres-how-often-your-credit-score-gets-calculated">Here&#039;s How Often Your Credit Score Gets Calculated</a></span>
</div>
</li>
<li class="views-row views-row-2 views-row-even">
<div class="views-field-title">
<span class="field-content"><a href="http://www.wisebread.com/once-bitten-twice-shy-what-is-credit-security-worth-to-you">Once Bitten Twice Shy: What is Credit Security Worth to You?</a></span>
</div>
</li>
<li class="views-row views-row-3 views-row-odd">
<div class="views-field-title">
<span class="field-content"><a href="http://www.wisebread.com/how-to-read-a-credit-report">How to Read a Credit Report</a></span>
</div>
</li>
<li class="views-row views-row-4 views-row-even">
<div class="views-field-title">
<span class="field-content"><a href="http://www.wisebread.com/what-the-new-credit-card-formula-means-for-your-wallet">What the New Credit Card Formula Means for Your Wallet</a></span>
</div>
</li>
<li class="views-row views-row-5 views-row-odd views-row-last">
<div class="views-field-title">
<span class="field-content"><a href="http://www.wisebread.com/these-apps-turn-saving-money-into-a-game-are-they-worth-it">These Apps Turn Saving Money Into a Game — Are They Worth It?</a></span>
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</li>
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</div> </div><br/></br>Personal FinanceTechnologyappscredit karmacredit monitoringcredit scoreEquifaxExperianficomintsmartphonesTransUnionTue, 06 Dec 2016 12:00:17 +0000Damian Davila1848172 at http://www.wisebread.comWhat the New Credit Card Formula Means for Your Wallethttp://www.wisebread.com/what-the-new-credit-card-formula-means-for-your-wallet
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<a href="/what-the-new-credit-card-formula-means-for-your-wallet" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/couple-credit-card-Dollarphotoclub_43166272.jpg" alt="couple credit card" title="couple credit card" class="imagecache imagecache-250w" width="250" height="140" /></a> </div>
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<p>FICO, the company that provides information to the three major credit bureaus, has made changes that could potentially lead to higher credit scores for millions of Americans.</p>
<p>The changes <a href="http://www.fico.com/en/about-us/newsroom/news-releases/fico-score-9-introduces-refined-analysis-medical-collections/">announced in August from Fair Isaac (FICO)</a> could help those dealing with medical debt, and will also give a boost to people who were dinged with collections but paid off the related debts.</p>
<p>Here's a look at what the changes mean for you.</p>
<h2>Medical Bills Won't Hurt You as Much</h2>
<p>FICO said that if you are someone whose only negative references are for medical collections, your score will rise an average of 25 points. FICO said it will use a &quot;more sophisticated treatment&quot; to determine the difference between medical and non-medical collections. In essence, FICO learned that many borrowers have medical debt, but that it's not necessarily an indicator that they won't pay back other monies owed. Critics of previous rules said penalizing people for medical debt was unfair, because patients often don't know what they owe hospitals and doctors and high medical fees combined with limited insurance coverage can be catastrophic to people's budgets.</p>
<h2>Collections Won't Be Viewed Badly, as Long as You Eventually Paid</h2>
<p>Under previous rules, borrowers saw their credit scores go down if there was any record of a collection &mdash; even if they eventually paid the debt off in full. In fact, those collections stayed on a person's record as long as seven years, even if they had no other unpaid debts. Now, getting a visit from a collection agency won't hurt you, as long as you pay whatever was owed. The Wall Street Journal reports that <a href="http://blogs.wsj.com/totalreturn/2014/10/17/millions-of-consumers-to-gain-access-to-credit-scores/">about one in ten people who had a collection</a> now have no balance at all. (See also: <a href="http://www.wisebread.com/the-5-best-secured-credit-cards?ref=internal">Best Secured Credit Cards to Rebuild Credit</a>)</p>
<h2>Borrowing Should Be Easier</h2>
<p>In general, these changes should cause credit scores to go up for most people. That means more people could qualify for loans and credit cards, and those who could already borrow will now get access to lower interest rates. But be careful: Just because you're eligible to borrow more money doesn't mean it's necessarily wise to do so.</p>
<p>In an interview with the Wall Street Journal, one lawyer specializing in consumer protection warned of the possible negative consequences.</p>
<p>&quot;A lot of people really just can't handle credit &mdash; you're not really helping them by allowing them to dig themselves into debt,&quot; Howard Strong, a lawyer in Tarzana, California, told the newspaper. &quot;It's like a sharp knife &mdash; if you don't know how to use it, you can cut yourself.&quot;</p>
<h2>For Those With a Thin Credit History, It Could Go Either Way</h2>
<p>If you're just starting to build your credit, you have what FICO refers to as a &quot;thin file.&quot; Previously, those with &quot;thin files&quot; were judged in absolute terms &mdash; you either paid your bills or you didn't. Now, FICO has the ability to analyze new borrowers in a more nuanced way. Depending on your payment history, this could improve your score or cause it to go down. If you've been great about paying your bills, even if you have a thin file, you'll probably be unaffected. On the flipside, you probably won't see your score improve if you've missed a lot of payments. It's those folks in the middle that may see an adjustment.</p>
<h2>It May Not Impact Anything Right Away</h2>
<p>FICO is hoping all three credit bureaus adopt the new scores this year. But it will take some time for lenders to adjust their policies. FICO said it will begin educating lenders now in the hopes they will be on board with the changes later in 2015.</p>
<h2>It's Still up to the Lender</h2>
<p>The FICO Score 9 is not the only score that lenders can look at. The Wall Street Journal reported that <a href="http://blogs.wsj.com/totalreturn/2014/10/17/millions-of-consumers-to-gain-access-to-credit-scores/">there are about 45 different kinds of scores</a> that lenders can look at, depending on the type of loan a borrower may be seeking. And even if they do look at the new FICO score and like what they see, they might still deny your loan for other reasons.</p>
<h2>None of This Matters If You're Awesome</h2>
<p>These changes to FICO scores could have an enormous positive impact for those with debt. But if you use credit responsibly by paying bills in full and on time, you probably already have great credit and won't notice much of a change.</p>
<p><em>Do you expect the new FICO formula to change your credit score? Or are you already awesome?</em></p>
<br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/tim-lemke">Tim Lemke</a> of <a href="http://www.wisebread.com/what-the-new-credit-card-formula-means-for-your-wallet">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-1">
<div class="view-content">
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<ul>
<li class="views-row views-row-1 views-row-odd views-row-first">
<div class="views-field-title">
<span class="field-content"><a href="http://www.wisebread.com/heres-how-often-your-credit-score-gets-calculated">Here&#039;s How Often Your Credit Score Gets Calculated</a></span>
</div>
</li>
<li class="views-row views-row-2 views-row-even">
<div class="views-field-title">
<span class="field-content"><a href="http://www.wisebread.com/7-apps-that-monitor-your-credit-for-you">7 Apps That Monitor Your Credit for You</a></span>
</div>
</li>
<li class="views-row views-row-3 views-row-odd">
<div class="views-field-title">
<span class="field-content"><a href="http://www.wisebread.com/once-bitten-twice-shy-what-is-credit-security-worth-to-you">Once Bitten Twice Shy: What is Credit Security Worth to You?</a></span>
</div>
</li>
<li class="views-row views-row-4 views-row-even">
<div class="views-field-title">
<span class="field-content"><a href="http://www.wisebread.com/building-a-credit-history">Building a Credit History</a></span>
</div>
</li>
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<div class="views-field-title">
<span class="field-content"><a href="http://www.wisebread.com/how-to-read-a-credit-report">How to Read a Credit Report</a></span>
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</div> </div>
</div> </div><br/></br>Credit Cardsborrowingcredit historycredit scoreEquifaxExperianficolendingTransUnionMon, 22 Dec 2014 14:00:11 +0000Tim Lemke1270234 at http://www.wisebread.comGet Your Free Credit Score from Credit Karmahttp://www.wisebread.com/get-free-credit-score-monitoring-with-credit-karma
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<a href="/get-free-credit-score-monitoring-with-credit-karma" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/compare.jpg" alt="" title="" class="imagecache imagecache-250w" width="250" height="117" /></a> </div>
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<p><a target="_blank" href="http://www.dpbolvw.net/click-2822544-10809829-1284618439000?sid=chen-2425">Credit Karma</a> offers free credit scores to consumers with no strings attached. It is a truly free service: There's nothing to cancel and they don't ask for your credit card number.</p>
<p>The sign up process is painless. I was able to receive my free score in less than two minutes.</p>
<p>As you can see from the screenshot above, the only &quot;catch&quot; is that under your free credit score report, Credit Karma will show you offers from various companies like Road Runner, Upromise, and Discover. You can organize the offers based on ratings from other Credit Karma users (think of it as a Digg for financial product offers). According to <a target="_blank" href="http://www.usatoday.com/tech/columnist/kimkomando/2008-05-22-web-money_N.htm">USA Today</a>:</p>
<blockquote><p> Credit Karma provides you with special offers based on your credit score. For example, you can get a lower interest rate on credit cards. You may also apply for offers from cable companies and other businesses. </p></blockquote>
<p><a target="_blank" href="https://www.creditkarma.com/partner?id=Wisebread"><img width="600" height="280" alt="credit karma score example" title="credit karma score example" src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/compare.jpg" /></a></p>
<p>There are no annoying pop-up ads and Credit Karma claims it will not sell your information to anyone. The ads are not a bad trade for a free credit score. In comparison, <a target="_blank" href="http://myfico.7eer.net/c/27771/87523/2185?subId1=2425">FICO's official credit score monitoring service costs $14.95 a month</a>.</p>
<p><a target="_blank" href="https://www.creditkarma.com/partner?id=Wisebread"><img width="367" height="196" alt="credit rating" src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/Score.png" /></a></p>
<p>If you're not familiar with <a title="Wise Bread's Guide to Credit Scores" href="http://www.wisebread.com/debt/credit-scores">how credit scores work</a>, the raw numbers might not be very helpful. This is where Credit Karma's comparison charts come in handy.</p>
<p>You can check your credit score for free as many times as you want. Credit Karma will keep track of your scores over time, which can help you identify overall trends in your credit score.</p>
<p><img width="459" height="218" alt="cash flow" src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/cash flow.png" /></p>
<p><img width="447" height="201" alt="money spending" src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/money spending.png" /></p>
<p><strong>What information do I have to provide?</strong></p>
<p>You have to verify your identity by providing your address, phone number, and social security number.</p>
<p>In order to verify your identity with TransUnion, Credit Karma requires standard personal information that anyone would need to access your credit report, including your address, date of birth, and social security number. Since they realize that providing such confidential information may make some people uneasy, they&rsquo;ve put many security measures in place to ensure your safety.</p>
<p><strong>Is it safe?</strong></p>
<p>Yes. Credit Karma is committed to protecting your information. They have a variety of security precautions in place, including encryption, monitored servers, firewalls, read-only access, and more. More importantly, they won&rsquo;t share your information without your explicit permission. You can learn more about their TRUSTe-certified privacy policy <a target="_blank" href="https://www.creditkarma.com/about/privacy">here</a>.</p>
<p><strong>Does checking my score negatively affect my credit?</strong></p>
<p>Checking your score with Credit Karma won&rsquo;t lower your score. Since they&rsquo;re making the credit score request on your behalf, these inquiries aren&rsquo;t shown to creditors and don&rsquo;t affect your credit at all.</p>
<p><strong>How can this be free? Are they going to sell you anything?</strong></p>
<p>Credit Karma is ad-supported. However, they&rsquo;re not the pop-up ads that you might be picturing. Instead, Credit Karma provides targeted offers they think might be helpful to you based on your current financial situation. You&rsquo;re not obligated to take advantage of these offers to continue using Credit Karma, and can even opt-out of receiving email offers.</p>
<p><strong>Is this my FICO score?</strong></p>
<p>The scores Credit Karma provide are real scores straight from TransUnion. However, they are not FICO scores. Because you have so many different scores (there dozens of FICO scores alone!), the type of score, or even the number you get isn&rsquo;t that important&mdash;what matters is the changes that you observe over time in a single score, and where that number puts you in relation to other consumers. You can learn more about the scores Credit Karma provides <a target="_blank" href="https://www.creditkarma.com/article/guide-to-credit-karma-credit-scores">here</a>.</p>
<p><strong>Can I trust the people behind Credit Karma?</strong></p>
<p>Yes. Credit Karma is an honest company whose mission is simply to provide financial information and tools to everyone free of charge. They&rsquo;ve provided scores to millions of members and are continually growing and improving its service. They have an A rating from the BBB, are certified by <a target="_blank" href="https://privacy.truste.com/privacy-seal/Credit-Karma/validation?rid=397b697b-5c32-4826-828c-0b36aee9fb6c">TRUSTe</a>, and have been featured on The Wall Street Journal, USA Today, CNN, and a <a target="_blank" href="https://www.creditkarma.com/about/press">multitude of other sites</a>.</p>
<p><strong>Are there other ways to get free credit scores?</strong></p>
<p>Yes, here are some options:</p>
<ul>
<li><a target="_blank" href="http://www.anrdoezrs.net/click-2822544-12336153-1455123184000?sid=chen-2425">Credit Sesame</a></li>
<li><a target="_blank" href="https://www.annualcreditreport.com">AnnualCreditReport.com</a></li>
</ul>
<p><strong>More information about Credit Karma and credit scores:</strong></p>
<ul>
<li><a target="_blank" href="https://www.creditkarma.com/article/guide-to-credit-karma-credit-scores">A Guide to Credit Karma&rsquo;s Free Credit Scores</a></li>
<li>Discussions about Credit Karma at <a href="http://forums.slickdeals.net/showthread.php?t=745830">Slickdeals</a> and <a target="_blank" href="http://www.fatwallet.com/forums/finance/804336/?start=80">FatWallet</a>.</li>
<li>Nora's comprehensive guide to <a target="_blank" href="http://www.wisebread.com/the-four-cs-of-applying-for-and-managing-your-credit">applying for and managing your credit</a>.</li>
</ul>
<p><strong><a target="_blank" href="http://www.dpbolvw.net/click-2822544-10809829-1284618439000?sid=chen-2425">Click here to sign up at Credit Karma now!</a></strong></p>
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<p style="text-align: center;">&nbsp;</p>
<br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/will-chen">Will Chen</a> of <a href="http://www.wisebread.com/get-free-credit-score-monitoring-with-credit-karma">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-2">
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</div> </div><br/></br>Credit Cardscredit karmacredit scoresficoTransUnionMon, 15 Sep 2008 14:04:21 +0000Will Chen2425 at http://www.wisebread.comOnce Bitten Twice Shy: What is Credit Security Worth to You?http://www.wisebread.com/once-bitten-twice-shy-what-is-credit-security-worth-to-you
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<a href="/once-bitten-twice-shy-what-is-credit-security-worth-to-you" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/credit reporting.jpg" alt="credit cards" title="credit cards" class="imagecache imagecache-250w" width="250" height="250" /></a> </div>
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<p class="MsoPlainText">Anybody who has had their <a href="/get-your-own-identity-what-to-do-when-yours-is-stolen" target="_blank">identity stolen</a> is usually willing to pay good money to ensure it never happens again. Weeks upon weeks upon months of tiresome paperwork, changing bank accounts, switching automatic payments, and in some cases pleading a case for wrongly damaged credit is among the giant task list of nightmarish to-dos when you’re picking up the pieces after the fact. </p>
<p class="MsoPlainText">&nbsp;</p>
<p class="MsoPlainText">So what is it worth to you to try and avoid this problem altogether? Obviously, exercising due caution is easy enough to do and prudent to say the least. Don’t use a credit card or do banking over an unsecured wireless network. Be careful with your bank card and entering in PIN numbers in public places. Avoid using the same password for everything that also happens to be the name of your pet. </p>
<p class="MsoPlainText">&nbsp;</p>
<p class="MsoPlainText">In this day and age, most of these techniques are relatively commonplace. But what else can you do? </p>
<p class="MsoPlainText">&nbsp;</p>
<h2>Credit Reporting and Monitoring Services</h2>
<p class="MsoPlainText">Most credit agencies like <a href="http://www.equifax.com" target="_blank">Equifax</a>, <a href="http://www.experian.com" target="_blank">Experian</a>, and <a href="http://www.transunion.com" target="_blank">TransUnion</a> have a credit reporting service you can subscribe to. For between $10 and $15 per month for example, the <a href="http://www.equifax.com/credit-product-list/" target="_blank">Equifax Credit Watch program</a> will alert you to any changes in your credit such as:</p>
<ul>
<li>Somebody trying to open an account in your name</li>
<li>Credit inquiries made on your accounts</li>
<li>Changes in your account balance beyond user-set parameters</li>
<li>Even $20,000 in Identity Theft Insurance</li>
</ul>
<p class="MsoPlainText">&nbsp;</p>
<p class="MsoPlainText">Experian and TransUnion have similar programs <a href="http://www.experian.com/consumer_online_products/triple_advantage.html" target="_blank">here</a> and <a href="http://www.truecredit.com/?cb=TransUnion&amp;loc=2091" target="_blank">here</a>. Most programs encompass monitoring of all three credit bureau activities, but before you race out and sign up it would be prudent to double check. Paying a monthly fee for a service that monitors only one third of your credit history is, well, only one third as good. </p>
<p class="MsoPlainText">&nbsp;</p>
<p class="MsoPlainText">Initially, it seems like a good deal, worth considering – especially for those who were once bitten and now twice shy.</p>
<p class="MsoPlainText">But upon further consideration, I begin to question the value in the name of frugality. </p>
<ul>
<li>Can I not hop online and check my credit balances daily (or every other day), scanning for erroneous charges? </li>
<li>If somebody does a credit check on me I’d like to know, but what if instead of subscribing, I periodically order a free credit report? Each of the three credit agencies usually allow one free report per year: if I timed it right I could check my credit activity every four months. </li>
<li>And although the Identity Theft insurance sounds handy, with a little bit of elbow grease, I shouldn’t have to pay any erroneous charges to my credit cards or account change fees once we’ve established the identity theft as the cause. </li>
</ul>
<p class="MsoPlainText">&nbsp;</p>
<h3>Then again…</h3>
<p class="MsoPlainText">There’s no denying the fact that simply paying the monthly fee could be easier, and may give you some more <a href="/outsourcing-your-life-and-creating-new-businesses" target="_blank">free time</a> and well-deserved peace of mind. </p>
<p class="MsoPlainText">&nbsp;</p>
<h3>Then again…</h3>
<p class="MsoPlainText">$10 here and $10 there, and you’ve blown your <a href="/the-retirement-latte" target="_blank">Latte Budget</a> before even getting one drop of caffeine into your system. </p>
<p class="MsoPlainText">&nbsp;</p>
<p class="MsoPlainText">So what is your credit security worth to you in this world of ever-increasing identity theft and credit crime? And what are you prepared to do about it?</p>
<p class="MsoPlainText">&nbsp;</p>
<br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/nora-dunn">Nora Dunn</a> of <a href="http://www.wisebread.com/once-bitten-twice-shy-what-is-credit-security-worth-to-you">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-3">
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</div> </div><br/></br>Personal Financecredit card fraudcredit monitoringcredit reportingcredit scoreEquifaxExperianidentity theftTransUnionSat, 23 Aug 2008 01:16:25 +0000Nora Dunn2359 at http://www.wisebread.com